Client Work Detail
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Royal Bank of Canada Completes Public Offering in Canada of CDN $212.5M in Series AH First Preferred Shares
CLIENT
Royal Bank of Canada
DATE
April 29, 2008
LAWYER(S)
On April 29, 2008, Royal Bank of Canada completed a "bought deal" public offering in Canada of 8.5 million Series AH First Preferred Shares. The shares were issued for $25.00 per share, pay a quarterly dividend of $0.353125 per share, to yield 5.65% annually, and trade on the Toronto Stock Exchange.
The Series AH Preferred Shares were issued under a prospectus supplement dated April 22, 2008 to the Bank's September 14, 2007 base shelf prospectus which qualifies the issue of up to Cdn. $7 billion aggregate principal amount of unsecured subordinated debt securities and first preferred shares.
The offering was led by RBC Capital Markets with an underwriting syndicate comprised of Scotia Capital Inc., CIBC World Markets Inc., TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., HSBC Securities (Canada) Inc., Desjardins Securities Inc., Dundee Securities Corporation, Laurentian Bank Securities Inc. and Merrill Lynch Canada Inc.
Ogilvy Renault LLP with a team consisting of Dawn Whittaker, Evelyn Li and Bradley Wells represented Royal Bank of Canada.
